Do we need to get multiple appraisals to apply for a home equity loan?

depends on the lender and loan amount but not usually.

Typically the consumer lender (in most cases of a Home Equity Line of Credit that would be a bank) will underwrite your credit profile first then analyze your equity position before deciding what level of appraising needs to take place. In all cases the Residential Lender will decide what type (and how many) appraisals might be needed. Most lenders will not exceed an 80% equity position (meaning they will not loan you more than 80% of the value of your home. This equates to Home Value times 80% = First Mortgage plus Second Mortgage.) Some lenders will stretch the loan to value to 89.99% but this is a much riskier product and carries a higher rate. Hope this is helpful!

In most cases, only one appriasal will be ordered by the lender; the lender does not use the appraisal you ordered on your own.

Depends. If you are getting a refinance and a concurrent home equity loan through a separate bank then that bank may require there own independent appraisal. If you are just getting a home equity loan you should only need one appraisal. Best wishes, Sean